2QFY2016 Result Update | Pharmaceutical
November 16, 2015
IPCA Labs
BUY
CMP
`719
Performance Highlights
Target Price
`900
Y/E March (` cr)
2QFY2016 1QFY2016
% chg qoq 2QFY2015
% chg yoy
Investment Period
12 Months
Net sales
739
751
(1.7)
775
(4.7)
Other income
16
11
43.0
14
10.1
Stock Info
Operating profit
79
75
4.6
129
(39.1)
Tax
8
8
-
27
(70.1)
Sector
Pharmaceutical
Adj. net profit/(loss)
31
28
-
68
(54.3)
Market Cap (` cr)
9,076
Source: Company, Angel Research
Net Debt (` cr)
688
Beta
0.5
For 2QFY2016, IPCA Laboratories (IPCA) posted in line sales while the net profit
52 Week High / Low
888/591
came in lower than our estimates. The company posted a 4.7% yoy decline in
Avg. Daily Volume
45,463
sales to `739cr V/s `750cr expected, on back of domestic and exports posting a
dip of 2.3% yoy and 6.9% yoy, respectively. On the operating front, the EBITDA
Face Value (`)
2
margin came in at 10.6% V/s 11.4% expected and V/s 16.7% in 2QFY2015,
BSE Sensex
25,611
owing to lower than expected sales. Thus, the Adj. net profit came in at `31cr V/s
Nifty
7,762
`41cr expected and V/s `68cr in 2QFY2015, a yoy dip of 54.3%. While the
Reuters Code
IPCA.BO
current performance of the company is being impacted due to its key plants being
Bloomberg Code
[email protected]
under the USFDA scanner, we believe once out of it, the company can bounce back
to its normalized ROE of 25%. Thus, we maintain our Buy on the stock.
Shareholding Pattern (%)
Results lower than expectations: The company, posted an 4.7% de-growth in sales
Promoters
45.9
to end the period at `739cr V/s `750cr expected and `775cr in 2QFY2015, on
MF / Banks / Indian Fls
18.8
back of domestic and exports posting a dip of 2.3% and 6.9% respectively. In
FII / NRIs / OCBs
22.7
domestic markets (`364cr), posted a dip of 2.3% yoy, mainly on back a tepid
Indian Public / Others
12.6
formulation sales (`331cr), a yoy growth of 0.9%.In exports (`375cr), a yoy dip
of 6.9%, on back of dip in formulation exports (227cr) a dip of 25.7% yoy, while
API exports (`147cr) posted a yoy growth of 52.9%. On operating front, the
Abs. (%)
3m 1yr 3yr
EBITDA margins came in at 10.6% V/s 11.4% expected V/s 10.0% in 2QFY2015,
Sensex
(7.0)
(8.3)
37.6
on back of lower than expected sales during the quarter. Thus, the Adj. net profit
Ipca
(6.8)
7.6
65.1
came in at `31cr V/s `41cr expected and `68cr in 2QFY2015, a yoy dip of 54.3%.
Outlook and Valuation: We expect net sales to post a 12.0% CAGR to `3,909cr,
3-Year Daily Price Chart
and EPS to register a 17.9% CAGR to `28.0 over FY2015-17E. The company’s
1,000
financials will be impacted by the USFDA import alert on the Ratlam, Indore and
Silvassa facilities. For 2HFY2016, the Management has given a guidance of 16%
800
yoy growth in sales. We recommend a Buy on the stock, given the valuations.
600
Key financials (Consolidated)
Y/E March (` cr)
FY2014
FY2015
FY2016E
FY2017E
400
Net sales
3,199
3,117
3,363
3,909
% chg
16.2
(2.6)
7.9
16.2
200
Adj. Net profit
495
254
169
354
% chg
45.6
(48.6)
(33.5)
109.3
EPS
39.2
20.1
13.4
28.0
Source: Company, Angel Research
EBITDA margin (%)
22.8
16.2
12.9
18.6
P/E (x)
18.3
35.7
53.7
25.7
RoE (%)
28.2
12.2
7.4
14.0
RoCE (%)
25.3
10.9
5.5
11.8
P/BV (x)
4.6
4.1
3.8
3.4
Sarabjit Kour Nangra
EV/Sales (x)
3.0
3.1
3.0
2.6
+91 22 39357800 Ext: 6806
EV/EBITDA (x)
13.1
19.2
23.0
13.7
[email protected]
Source: Company, Angel Research; Note: CMP as of November 13, 2015
Please refer to important disclosures at the end of this report
1
Ipca Laboratories | 2QFY2016 Result Update
Exhibit 1: 2QFY2016 - Standalone performance
Y/E March (` cr)
2QFY2016 1QFY2016
% chg (qoq) 2QFY2015
% chg (yoy) 1HFY2016 1HFY2015
% chg (yoy)
Net sales
739
751
(1.7)
775
(4.7)
1490
1703
(12.5)
Other income
16
11
43.0
14
10.1
27
28
(3.5)
Total income
754
762
(1.0)
789
(4.4)
1517
1731
(12.4)
Gross profit
458
454
0.9
504
(9.1)
912
1090
(16.4)
Gross margins (%)
62.0
60.4
65.0
61.2
64.0
Operating profit
79
75
4.6
129
(39.1)
154
352
(56.4)
Operating margin (%)
10.6
10.0
16.7
10.3
20.7
Interest
7
5
28.9
6
22.0
12
9
38.1
Depreciation
44
42
3.7
40
10.2
86
78
9.9
PBT
44
39
13.2
98
-
82
294
(71.9)
Provision for taxation
8
8
(0.4)
27
(70.1)
16
78
(78.9)
Less: Exceptional Items (gains)/ loss
24
12
9
36
7
407.6
Reported Net profit
12
19
(37.8)
61
(80.9)
31
207
(85.3)
Adj. Net profit/(loss)
31
28
-
68
(54.3)
59
212
(72.2)
EPS (`)
2.5
2.2
5.4
4.7
16.8
Source: Company, Angel Research
Exhibit 2: 2QFY2016 - Actual vs Angel estimates
(` cr)
Actual
Estimates
Variation (%)
Net sales
739
750
(1.5)
Other income
16
14
10.1
Operating profit
79
85
(7.8)
Interest
7
6
22.0
Tax
8
11
(25.6)
Adjusted Net profit/(loss)
31
41
(23.7)
Source: Company, Angel Research
Revenue marginally below our estimate; dips 4.7% yoy: The company posted a
4.7% yoy decline in sales to `739cr V/s `750cr expected and V/s `775cr in
2QFY2015, as domestic and exports posted a dip of 2.3% and 6.9% yoy,
respectively.
Domestic markets (`364cr) posted a dip of 2.3% yoy, mainly on account of tepid
formulation sales (`331cr; a yoy growth of 0.9%), while API sales (`33cr) dipped
by 25.3% yoy. Exports (`375cr) dipped by 6.9% yoy on back of a decline in
formulation exports (`227cr; a dip of 25.7% yoy), while API exports (`147cr)
posted a yoy growth of 52.9%.
Slower pick-up in US supplies for exempted products, absence of institutional
orders from global funds and currency headwinds in Russia/CIS-branded business
impacted exports. The India (45% of sales) business remained flat due to weaker
anti-malaria drug sales in 2QFY2016.
Overall, for 2QFY2016, exports contributed 50.7% to the top-line while the
domestic business contributed by around 49.3%. The overall contribution of
formulation sales is at 75.6% of total sales, for the quarter.
November 16, 2015
2
Ipca Laboratories | 2QFY2016 Result Update
Exhibit 3: Domestic sales trend
360
328
331
318
320
279
280
229
240
200
160
120
80
56
45
37
33
33
40
0
2QFY2015
3QFY2015
4QFY2015
1QFY2016
2QFY2016
Formulation
API
Source: Company, Angel Research
Exhibit 4: Exports sales trend
360
306
305
320
280
240
225
227
240
200
152
147
160
121
113
120
96
80
40
0
2QFY2015
3QFY2015
4QFY2015
1QFY2016
2QFY2016
Formulation
API
Source: Company, Angel Research
OPM falls sharply: On the operating front, the EBITDA margin came in at 10.6%
V/s 11.4% expected and V/s 16.7% in 2QFY2015, owing to lower than expected
sales during the quarter, while Gross margins came in at 62.0% V/s 65.0% in
2QFY2015.
November 16, 2015
3
Ipca Laboratories | 2QFY2016 Result Update
Exhibit 5: OPM trend
18.0
16.7
15.6
15.0
12.0
10.6
9.0
10
6.0
4.6
3.0
0.0
2QFY2015
3QFY2015
4QFY2015
1QFY2016
2QFY2016
Source: Company, Angel Research
Reported net profit lower than expectation: A lower OPM, along with a rise in
interest expenses and depreciation, which were up by 22.0% and 10.2% yoy
respectively, led the Adj. net profit to come in at `31cr V/s `41cr expected and V/s
`68cr in 2QFY2015, a yoy dip of 54.3%. However, on back of `24cr forex losses,
the company posted a reported net profit of `12cr V/s `61cr in 2QFY2015, a yoy
dip of 80.9% yoy.
Exhibit 6: Adj. Net profit trend
80
68
60
49
40
31
28
20
0
2QFY2015
3QFY2015
4QFY2015
1QFY2016
2QFY2016
(10)
(20)
Source: Company, Angel Research
Concall takeaways
The Management has guided for better 2HFY2016 with 16% yoy sales growth
on the back of scale-up in institutional business, resumption of HCQs supplies
from Nov2015, 16% yoy growth in India business and recovery in the CIS
region.
The Management expects 16% margin in 2HFY2016 with improving operating
leverage.
November 16, 2015
4
Ipca Laboratories | 2QFY2016 Result Update
Investment arguments
Domestic formulations business - the cash cow: IPCA has been successful in
changing its business focus to the high-margin chronic and lifestyle segments
from the low-margin anti-malarial segment. The chronic and lifestyle
segments, comprising CVS, anti-diabetics, pain-management, CNS and
dermatology products, constitute more than 50% of the company’s domestic
formulation sales. The Management has ramped up its field force significantly
with addition of divisions in the domestic formulations segment, taking the
current total strength to nearly 4,000MRs. With a moderate growth in domestic
formulations in 1HFY2016, we expect the domestic formulation business to
grow at a CAGR of 11.3% over FY2015-17E.
Exports to be the next growth driver: On the formulations front, IPCA has been
increasing its penetration in regulated markets, viz Europe and the US, by
expanding the list of generic drugs backed by its own API. In the emerging
and semi-regulated markets, the company plans to focus on building brands
in the CVS, CNS, pain-management and anti-malarial segments along with
tapping new geographies. On the API front, where the company is among the
low-cost producers, it is aggressively pursuing supply tie-ups with
pharmaceutical MNCs.
After the USFDA inspection at the company’s APl manufacturing facility at
Ratlam (Madhya Pradesh), the company has received certain inspection
observations in Form 483, consequent to which the company had voluntarily
decided to temporarily suspend API shipments from this manufacturing facility
to the US markets till this issue was addressed. However, the 483 was
converted into an import alert, except for 4 APIs which constituted around 45%
of US sales in FY2014.
The company’s Silvassa and Indore facilities (formulation facilities) are also
under import alert. These developments impacted FY2015 sales, while
FY2016/FY2017 should see some revival. We expect exports to grow at a
CAGR of 12.5% over FY2015-17E.
Outlook & Valuation:
We expect net sales to post a 12.0% CAGR to `3,909cr, and EPS to register a
17.9% CAGR to `28.0 over FY2015-17E. The company’s financials will be
impacted by the USFDA import alert on the Ratlam, Indore and Silvassa facilities.
For 2HFY2016, the Management has given a guidance of 16% yoy growth on the
sales front, after a dip in 1HFY2016. While the problems are likely to persist in
FY2016, still, given the valuations, we maintain our Buy rating on the stock with a
price target of `900.
November 16, 2015
5
Ipca Laboratories | 2QFY2016 Result Update
Exhibit 7: Key Assumptions
FY2016E
FY2017E
Sales growth (%)
7.8
16.0
Domestic growth (%)
5.0
18.0
Exports growth (%)
10.0
15.0
Operating margins (%)
12.9
18.6
R&D Exp ( % of sales)
4.0
4.0
Capex (` cr)
500
500
Source: Company, Angel Research
Exhibit 8: One-year forward PE band
1,200
1,000
800
600
400
200
-
10x
15x
20x
25x
Source: Company, Angel Research
Exhibit 9: Recommendation summary
Company
Reco.
CMP Tgt Price
Upside
FY2017E
FY15-17E
FY2017E
PE
EV/Sales
EV/EBITDA
CAGR in EPS
RoCE
RoE
(`)
(`)
(%)
(x)
(x)
(x)
(%)
(%)
(%)
Alembic Pharma
Neutral
662
-
-
27.7
3.9
19.5
26.1
30.3
30.2
Aurobindo Pharma Accumulate
830
872
5.1
19.0
3.1
13.3
16.3
23.4
30.2
Cadila Healthcare
Neutral
413
-
-
23.5
3.5
16.1
24.6
25.2
29.0
Cipla
Neutral
619
-
-
21.4
2.9
15.3
21.4
17.1
16.8
Dr Reddy's
Buy
3,384
3,933
16.2
18.9
2.8
14.7
17.2
19.1
20.6
Dishman Pharma
Neutral
381
-
-
17.6
1.7
8.2
20.4
11.7
11.7
GSK Pharma*
Neutral
3,152
-
-
46.2
8.0
36.4
6.6
33.7
34.3
Indoco Remedies
Neutral
300
-
-
22.1
2.4
13.1
23.0
19.7
19.7
Ipca labs
Buy
719
900
25.1
25.7
2.6
13.7
17.9
11.8
14.0
Lupin
Neutral
1,777
-
-
26.0
4.5
16.6
13.1
29.6
24.7
Sanofi India*
Neutral
4,586
-
-
30.3
4.0
19.0
33.1
27.9
25.5
Sun Pharma
Buy
742
950
28.1
27.6
4.8
15.6
8.4
15.8
16.6
Source: Company, Angel Research; Note: *December year ending
November 16, 2015
6
Ipca Laboratories | 2QFY2016 Result Update
Company background
Formed in 1949, IPCA Labs is a market leader in the anti-malarials and
rheumatoid arthritis segments. The company is a notable name in the domestic
formulations category with 150 formulations across major therapeutic segments
like cardiovascular (CVS), anti-diabetes, anti-malaria, pain-management (NSAID),
anti-bacterial, central nervous system (CNS) and gastro-intestinal. The company
has 7 production units which are approved by most of the discerning regulatory
authorities including USFDA, UKMHRA, Australia-TGA, South Africa-MCC and
Brazil-ANVISA.
November 16, 2015
7
Ipca Laboratories | 2QFY2016 Result Update
Profit & loss statement (Consolidated)
Y/E March (` cr)
FY2012
FY2013
FY2014
FY2015
FY2016E
FY2017E
Gross sales
2,333
2,778
3,232
3,157
3,410
3,957
Less: Excise duty
19
25
33
40
47
48
Net Sales
2,314
2,754
3,199
3,117
3,363
3,909
Other operating income
45
59
82
40
40
40
Total operating income
2,359
2,813
3,282
3,157
3,403
3,948
% chg
24.2
19.3
16.7
(3.8)
7.8
16.0
Total expenditure
1,842
2,190
2,471
2,613
2,928
3,182
Net raw materials
913
1,097
1,137
1,155
1,312
1,485
Other mfg costs
208
215
250
277
299
348
Personnel
335
392
498
565
678
645
Other
385
487
587
616
639
704
EBITDA
472
564
728
504
435
727
% chg
16.8
19.5
29.1
(30.8)
(13.7)
67.1
(% of Net Sales)
20.4
20.5
22.8
16.2
12.9
18.6
Depreciation & amortisation
67
87
103
180
250
290
EBIT
405
477
625
324
185
437
% chg
16.2
17.8
31.1
(48.1)
(43.0)
136.3
(% of Net Sales)
17.5
17.3
19.5
10.4
5.5
11.2
Interest & other charges
44
33
27
28
28
28
Other Income
12
14
22
28
28
28
(% of PBT)
2.9
2.8
3.2
7.8
12.6
6.0
Recurring PBT
417
517
703
364
225
477
% chg
22.4
24.0
35.9
(48.2)
(38.3)
112.1
Extraordinary expense/(Inc.)
52.8
63.3
72.2
-
36.0
-
PBT (reported)
364
454
631
364
189
477
Tax
88.1
129.9
152.4
101.9
52.9
119.2
(% of PBT)
24.2
28.6
24.2
28.0
28.0
25.0
PAT (reported)
276
324
478
262
136
358
Add: Share of earnings of asso.
1
-
0
(5)
-
-
PAT after MI (reported)
277
324
478
254
133
354
ADJ. PAT
287
340
495
254
169
354
% chg
8.9
18.4
45.6
(48.6)
(33.5)
109.3
(% of Net Sales)
12.0
11.8
14.9
8.2
4.0
9.0
Basic EPS (`)
22.8
26.9
39.2
20.1
13.4
28.0
Fully Diluted EPS (`)
22.8
26.9
39.2
20.1
13.4
28.0
% chg
8.5
18.4
45.6
(48.6)
(33.5)
109.3
November 16, 2015
8
Ipca Laboratories | 2QFY2016 Result Update
Balance sheet (Consolidated)
Y/E March (` cr)
FY2012
FY2013
FY2014
FY2015
FY2016E
FY2017E
SOURCES OF FUNDS
Equity share capital
25
25
25
25
25
25
Reserves & surplus
1,229
1,529
1,934
2,183
2,337
2,676
Shareholders Funds
1,254
1,554
1,960
2,208
2,363
2,701
Minority interest
-
-
-
-
-
-
Total loans
532
523
603
829
1,000
1,000
Other Long Term Liabilities
1
1
1
-
-
-
Long Term Provisions
9
12
15
22
22
22
Deferred tax liability
93
130
147
174
174
174
Total Liabilities
1,889
2,220
2,726
3,233
3,537
3,876
APPLICATION OF FUNDS
Gross block
1,315
1,537
1,882
2,626
3,126
3,626
Less: Acc. depreciation
394
475
578
758
1,008
1,298
Net Block
920
1,063
1,303
1,868
2,118
2,328
Goodwill
24
42
50
34
34
34
Capital work-in-progress
95
129
165
165
165
165
Investments
34
9
9
16
16
16
Long Term Loans and Adv.
38
57
71
115
54
62
Current assets
1,217
1,397
1,602
1,614
1,787
2,104
Cash
12
58
76
125
36
68
Loans & advances
35
42
67
47
51
59
Other
1,170
1,297
1,459
1,576
1,700
1,976
Current liabilities
439
477
485
579
638
741
Net Current Assets
778
921
1,117
1,035
1,150
1,362
Other Non current Assets
-
-
9
-
-
Total Assets
1,889
2,220
2,725
3,233
3,537
3,876
November 16, 2015
9
Ipca Laboratories | 2QFY2016 Result Update
Cash flow statement (Consolidated)
Y/E March (` cr)
FY2012 FY2013 FY2014 FY2015 FY2016E FY2017E
Profit before tax
364
454
631
364
189
477
Depreciation
67
87
103
180
250
290
(Inc)/Dec in working capital
(52)
(116)
(193)
(46)
(8)
(189)
Direct taxes paid
(88)
(130)
(152)
(102)
(53)
(119)
Cash Flow from Operations
291
295
389
395
378
458
(Inc.)/Dec.in fixed assets
(326)
(257)
(380)
(745)
(500)
(500)
(Inc.)/Dec. in Investments
-
-
-
-
-
-
Cash Flow from Investing
(326)
(257)
(380)
(745)
(500)
(500)
Issue of Equity
0
0
-
-
-
-
Inc./(Dec.) in loans
76
(5)
83
232
171
-
Dividend Paid (Incl. Tax)
(55)
(59)
(74)
(15)
(15)
(15)
Others
14
72
1
181
(123)
88
Cash Flow from Financing
36
8
10
398
34
73
Inc./(Dec.) in Cash
1
46
18
49
(89)
32
Opening Cash balances
11
12
58
76
125
36
Closing Cash balances
12
58
76
125
36
68
November 16, 2015
10
Ipca Laboratories | 2QFY2016 Result Update
Key Ratios
Y/E March
FY2012
FY2013
FY2014
FY2015
FY2016E
FY2017E
Valuation Ratio (x)
P/E (on FDEPS)
31.6
26.7
18.3
35.7
53.7
25.7
P/CEPS
25.6
21.3
15.2
20.9
21.7
14.1
P/BV
7.2
5.8
4.6
4.1
3.8
3.4
Dividend yield (%)
0.4
0.6
0.6
0.6
0.6
0.6
EV/Sales
4.1
3.4
3.0
3.1
3.0
2.6
EV/EBITDA
20.3
16.8
13.1
19.2
23.0
13.7
EV / Total Assets
5.1
4.3
3.5
3.0
2.8
2.6
Per Share Data (`)
EPS (Basic)
22.8
26.9
39.2
20.1
13.4
28.0
EPS (fully diluted)
22.8
26.9
39.2
20.1
13.4
28.0
Cash EPS
28.1
33.8
47.4
34.4
33.2
51.0
DPS
3.2
4.0
4.0
4.0
4.0
4.0
Book Value
99.4
123.1
155.3
175.0
187.2
214.1
Dupont Analysis
EBIT margin
17.5
17.3
19.5
10.4
5.5
11.2
Tax retention ratio
75.8
71.4
75.8
72.0
72.0
75.0
Asset turnover (x)
1.4
1.4
1.4
1.1
1.0
1.1
ROIC (Post-tax)
18.1
17.2
20.2
8.2
4.1
9.1
Cost of Debt (Post Tax)
6.8
4.5
3.6
2.9
2.2
2.1
Leverage (x)
0.4
0.4
0.3
0.3
0.4
0.4
Operating ROE
22.8
21.8
24.9
9.8
4.7
11.7
Returns (%)
RoCE (Pre-tax)
23.2
23.2
25.3
10.9
5.5
11.8
Angel RoIC (Pre-tax)
24.7
25.0
27.7
12.0
5.9
12.5
RoE
24.9
24.2
28.2
12.2
7.4
14.0
Turnover ratios (x)
Asset Turnover (Gross Block)
2.0
2.0
1.9
1.4
1.2
1.2
Inventory / Sales (days)
88
92
88
103
96
97
Receivables (days)
55
49
48
46
52
53
Payables (days)
41
42
45
43
45
46
WC cycle (ex-cash) (days)
115
106
106
113
109
111
Solvency ratios (x)
Net debt to equity
0.4
0.3
0.3
0.3
0.4
0.3
Net debt to EBITDA
1.1
0.8
0.7
1.4
2.2
1.3
Interest Coverage (EBIT / Int.)
9.1
14.3
23.3
11.4
6.5
15.4
November 16, 2015
11
Ipca Laboratories | 2QFY2016 Result Update
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitan Stock Exchange of India Limited. It is also registered as a Depository Participant with
CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is
a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates including its relatives/analyst do not hold any financial interest/beneficial
ownership of more than 1% in the company covered by Analyst. Angel or its associates/analyst has not received any compensation /
managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst
has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity
of the company covered by Analyst.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should
make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the
companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine
the merits and risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
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Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Note: Please refer to the important ‘Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement
Ipca Laboratories
1. Analyst ownership of the stock
No
2. Angel and its Group companies ownership of the stock
No
3. Angel and its Group companies' Directors ownership of the stock
No
4. Broking relationship with company covered
No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Based on expected returns
Buy (> 15%)
Accumulate (5% to 15%)
Neutral (-5 to 5%)
over 12 months investment period):
Reduce (-5% to -15%)
Sell (< -15)
November 16, 2015
12